For families who have members with special needs, a solid legal plan to care for their disabled loved ones is essential. Our estate planning attorney can help you with long-term care plans for a family member with disability.
Caring for family members with special needs or disabilities is how you show your love. However, it's vital to make plans to ensure that they will get the care they need even after their main caretaker passes away. A Los Angeles estate planning attorney can help you manage your money and set assets aside for a disabled loved one.
When you have a family member who needs special care, estate planning documents like wills and trusts are vital.
An Overview of Estate Planning
Estate planning is the process of making plans for all the assets that make up your estate. It documents what happens to your assets after your death, such as who receives them, and how. It's one of the most important forms of financial planning—especially if you have a dependent with special needs.
Planning for the future also goes beyond financial planning and includes tasks such as choosing your power of attorney, business succession planning, and more.
Understanding Estate Planning
Estate planning allows you to decide what happens to your cash, personal property, real estate, and bank accounts. It involves a lot of financial planning, and involving a skilled lawyer allows you to maximize your assets and can even boost your retirement fund.
In addition to finances, it also includes your plans for end-of-life care, funeral plans, and more. Every basic estate plan should include a will, health care directives, and a trust. You may also want to assign a trusted power of attorney (POA) who can step in to handle your affairs if you are unable to. This will simplify things for your loved ones when you pass away, and it guarantees that your wishes will be respected.
An estate planning lawyer will tailor your estate plan to your unique goals. You can discuss your family and financial situation in order to find the best plan of action.
How to Get Started Preparing for a Disabled Loved One’s Long-Term Care
In order to meet all of your loved one's needs, it's important to create a detailed plan that accounts for every aspect of their care and financial needs. In addition to creating savings accounts, you may also want to designate a guardian and someone to handle their money.
When it comes to your disabled loved one, you can create a detailed life plan. This may include education, living assistance, and even career planning. Once you establish your plan, you can rest assured in the knowledge that your family members will have all the resources they need.
By working with a skilled attorney, you can create a plan that provides your loved one with all the financial support they need. You'll also be able to avoid as many taxes and fees as possible.
Special Planning for Special Needs
Special needs trust funds are designed to keep money safe for people who are on government benefits. Most government programs, including disability, limit the amount of savings their recipients can have.
A special needs trust will hold assets and guarantee that your loved one has access to money for healthcare and other needs. Even if they cannot handle their own finances, this type of trust will guarantee they can enjoy a certain standard of living and comfort.
This type of trust also restricts use, which means that no one can use the money for their own purposes instead of for its designated purpose, which is caring for your loved one.
In addition to trust funds and other estate planning documents, you can also use specialty savings accounts to hold funds for your family members. 529A ABLE savings accounts are specifically meant to hold funds for disabled young people as they become adults.
In California, it is crucial to find the right Los Angeles or Orange County estate planning attorney. You and your lawyer can work together to find the right combination of savings accounts, trusts, and other paperwork.
Define Elder Law Planning
Elder law focuses on the needs of elderly adults, particularly healthcare and living assistance. It may also include plans to pay for healthcare or qualify for Medicaid.
Elder law planning allows you to make important decisions about your healthcare and long-term care as you age. In many cases, this includes handling special needs, such as injuries or disabilities. Healthcare directives leave clear instructions for hospitals and healthcare workers if you are not able to communicate with them.
Many families in California don't have the skills or room to care for the elderly in their homes. As such, they may choose to place older people in a care home or hire a caretaker to help. An elder law attorney in Los Angeles or Orange County can help you discuss options and funding for your own elderly care or that of a loved one.
What Your Estate Planning Attorney Can Do
Your estate planning attorney can help you figure out the best solutions to your loved one's unique needs. Estate planning is all about distributing your money and finding experts to facilitate the process.
Estate planning attorneys help you create plans for finances, guardianships, and other practical and legal matters. If you are concerned about a disabled loved one, your attorney can help you address those concerns.
Creating a solid legal plan is the best way to care for a disabled family member. Even after you pass away, you can rest assured that they will be safe and have the support they need.
Let Our Team Help Your Plan for Your Disabled Loved One’s Future
McKenzie Legal & Financial provides both legal and financial services. Trust funds are our specialty, and our legal team can draft a trust that will serve an important practical purpose.
Our estate planning attorney also has decades of experience as a financial consultant, and he knows how to make the most of your money. We will create a solid, reliable plan for your disabled loved one so they can enjoy a long, happy life.
Set up a consultation and learn more about what we can do for you and your family. You may fill out our online form or contact us at 562-594-4200 at McKenzie Legal & Financial today!
